Over the past few years, medical inflation has outstripped the inflation of medical aid premiums, resulting in year-on-year increases in medical expenses, shortfalls, and copayments.
In some cases, people try to curb medical expense shortfalls by getting gap cover, however, that cover doesn't always cover medical costs.
How much has the gap between medical expenses and medical payout increased?
Refilwe Moloto chats to Turnberry Management Risk Solutions CEO Tony Singleton to weigh in on the matter.
The gap cover was primarily designed to cover specialists fees and hospital procedures. The gap cover is added on top of medical aid. So, your medical aid typically will have a list of benefits and they will pay you out depending on the option of those stated benefits.— Tony Singleton, CEO - Turnberry Management Risk Solutions
He says in most cases medical aids only cover a tenth of what certain specialists are charging in South Africa.
It is important that one understands the benefits of their medical aid prior to getting certain surgeries.— Tony Singleton, CEO - Turnberry Management Risk Solutions
Listen below to the full interview: